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Facebook's Instagram on Thursday announced a new 15-second video capability with editing features called "Cinema." Scott Budman reports. (Published Thursday, Jun 20, 2013)

Updated at 12:30 PM EDT on Friday, Aug 23, 2013

Facebook's Instagram announced a new 15-second video capability with editing features called "Cinema."

At a news conference at Facebook's headquarters in Menlo Park on Thursday, Instagram CEO Kevin Systrom unveiled the new feature, promising it would still adhere to his company's three goals of "speed, simplicity and beauty."

RAW VIDEO: Introducing Instagram Video Sharing

Facebook's Instagram on Thursday announced a new 15-second video capability with editing features called "Cinema." Instagram CEO Kevin Systrom explains the new product (Published Thursday, Jun 20, 2013)

The videos will be 15-seconds, and appear to be very similar to Twitter's Vine app, just a little more than twice as long.

Instagram has 100 million users, up from 20 million when Facebook bought the company more than a year ago. Vine, which launched in January, has 13 million users.

The big draws? There's a "delete" button to allow for editing, a function that Vine doesn't have, and there is a way to stabilize the video with the iPhone to prevent shaky camera syndrome. There are also 13 custom filters, so that users can add contrast or different hues and a cover frame.

For now, it's available only for Apple's iOS.

"Our mission is to capture and share the world's moments," Systrom said, adding that 16 billion photos have been shared in the last 2 1/2 years.

At first, Systrom said his company didn't focus on video because Instagram wanted to keep true to its core of "speed, simplicity and beauty." But now, he said, the company has achieved all that with video, he said.

Facebook bought Instagram last year for $1 billion.

"We're really just getting started here, with this product, " said Facebook CEO Mark Zuckerberg, who kicked off the event.

The "Cinema" announcement comes after another recent Facebook rollout, when the company unveiled a new hashtag feature on June 12.